The Apetu of Ipetumodu, Oba Joseph Oloyede, who went missing in March 2024, has been discovered in FBI custody, facing serious allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds. Oba Joseph Oloyede, a dual citizen of Nigeria and the United States, is currently battling a 13-count fraud indictment in the U.S. District Court for the Northern Ohio District.

The FBI accuses him of orchestrating a complex scheme through his six registered companies to obtain loans meant for struggling businesses during the pandemic. According to U.S. court documents, Mr. Oloyede was arrested on May 4, 2024, after a warrant was issued for his apprehension. The FBI accuses him of orchestrating a fraudulent scheme through his six registered companies, obtaining loans meant for struggling businesses during the COVID-19 pandemic. In 2020, the U.S. government introduced financial aid programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) to support businesses affected by the pandemic.

However, loan applicants were required to submit tax records, wage statements, and other financial documents proving their eligibility. Meanwhile, investigations revealed that Mr. Oloyede allegedly falsified these documents and misused the funds for personal expenses, in violation of federal law. The indictment alleges that they obtained approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities. Oloyede is also alleged to have submitted falsified PPP and EIDL loan applications in the names of other co-conspirators and confederate borrowers and their businesses, obtaining approximately $1.3 through those applications, for a total of at least $4.2 million obtained through the fraud.